Exam 27: Secured Transactions

A ________ has an ownership or other interest in the collateral and owes payment of a secured obligation.

After-acquired property is property obtained by the creditor after a security agreement has been executed.

________ is a process that establishes the right of a secured creditor against other creditors who claim an interest in the collateral.

Only one continuation statement can be filed for a financing statement.

A(n) ________ is a statutory lien given to workers who furnish services or materials for personal property in the ordinary course of business.

A(n) ________ refers to a security interest in property that was not in the possession of the debtor when the security agreement was executed.

The term ________ refers to a secured creditor's possession of collateral on a debtor's default and proposal to retain the collateral in satisfaction of the debtor's obligation.

Chattel paper is a record that evidences both a monetary obligation and a security interest in specific goods and software used in the goods.

The property in which a security interest is taken is called collateral.

A termination statement is filed when the secured party wishes to claim the collateral because the debt has not been paid.

An artisan's lien is a statutory lien given to workers who furnish services or materials on or for personal property in the ordinary course of business.

Define floating lien and explain the three types of property to which a floating lien can attach.

William buys a $500,000 house from Keith Geller through a realtor. He makes a down payment of $200,000. He borrows the rest from Smith and Sons, a lending firm, and places his new house as collateral for the loan. Who is the debtor in this case?

Accessions are pieces of individual property or goods that are not united with any other property.

What is repossession?

For an artisan's lien to be effective, the artisan must be in possession of the property.

Which of the following is true of disposition of collateral?

The term "sales proceeds" refers to the resulting assets from the sale, exchange, or disposal of collateral subject to a security agreement.

When a buyer obtains a loan from a bank to pay a seller, the transaction is known as a(n) ________.

A ________ is a document filed by a secured creditor with the appropriate government office that constructively notifies the world of his or her security interest in personal property.